- The top 20 were mostly in Victoria
- Included a mix of both inner city and regional suburbs
- Rental price movements were a mixed bag
The Australian rental market has been incredibly tight over the past year, albeit with some signs of easing in May.
Currently, the national vacancy rate, according to SQM, is 1.8%.
Australia-wide, 2005 – 2021
However, not every suburb is as tight as 1.8%.
Top 10 most vacant rental suburbs
Leading Australia with a vacancy rate of almost 28% is Middleton in South Australia.
The picturesque town of some 1,100 people is an hour south of Adelaide, and rents are quite affordable at $206 a week.
It is not just small townships and outer suburbs on the list.
One of Melbourne’s higher-end suburbs – Malvern East – came in at number 5 with a vacancy rate of 13.7%. The suburb is in the million-dollar club and currently has an average asking price of $1.48 million, according to SQM Research.
| Rank | Postcode | Suburb | Vacancy Rate | Rent | 1yr ago |
| 1 | 5213 | Middleton | 27.9% | $206 | $180 |
| 2 | 3944 | Portsea | 23.8% | $1,050 | $825 |
| 3 | 5212 | Port Elliot | 15.3% | $196 | $199 |
| 4 | 4804 | Springlands | 15.3% | $288 | $262 |
| 5 | 3145 | Malvern East | 13.7% | $556 | $682 |
| 6 | 2762 | Schofields | 13.4% | $595 | $550 |
| 7 | 3003 | West Melbourne | 10.6% | $516 | $588 |
| 8 | 3125 | Burwood | 9.5% | $498 | $530 |
| 9 | 2108 | Palm Beach | 9.5% | $1,185 | $947 |
| 10 | 3168 | Clayton | 9.4% | $450 | $463 |
Source: SQM Research
The next 10
To some, it will be unsurprising to see the next ten most vacant rental suburbs are mainly in Melbourne. Melbourne’s had a tougher year than most, with lockdowns, and a drastic reduction in its international student population.
Not far from Melbourne’s CBD and home to the coolest street in the world, Collingwood has a vacancy rate of 2.5%, yet over in Carlton it’s 9.2%, and Sorrento (the place where Premier Andrews had a terrible fall earlier this year) is 8.3%.
Melbourne’s CBD itself has a rental vacancy rate of 8%.
Bringing up the rear for the top 20 is Macquarie Park. The high vacancy rate comes as no surprise since the suburb is home to Macquarie University, and international students are still not able to make their way back to Australia.
Macquarie Park is also home mostly to offices, Macquarie Centre, and a cemetery.
Curiously, Rookwood, a suburb mostly consisting of the Southern Hemisphere’s largest cemetery, had a vacancy rate that rose to 7.6% in June last year, it is now down at 5.6%.
| Rank | Postcode | Suburb | Vacancy Rate | Rent | 1yr ago |
| 11 | 3053 | Carlton | 9.2% | $613 | $753 |
| 12 | 3943 | Sorrento | 8.3% | $863 | $785 |
| 13 | 3000 | Melbourne CBD | 8.0% | $401 | $519 |
| 14 | 3335 | Rockbank | 7.5% | $394 | $406 |
| 15 | 3008 | Docklands | 7.5% | $502 | $962 |
| 16 | 3122 | Hawthorn | 7.4% | $650 | $771 |
| 17 | 3006 | Southbank | 7.3% | $573 | $600 |
| 18 | 3051 | North Melbourne | 7.2% | $618 | $622 |
| 19 | 3892 | Mallacoota | 7.1% | $0 | $0 |
| 20 | 2113 | Macquarie Park | 7.1% | $639 | $607 |
Source: SQM Research
Looking for a place to stay in Sydney?
Earlier this month, The Property Tribune reported on the 10 Sydney suburbs with no vacancies, many were located far away from the CBD, and arguably weren’t really in Sydney at all.
For those desiring a piece of, albeit less affordable, Sydney CBD property, vacancy rates in the suburb of Sydney currently sits at 6.8%, ranked 25th highest vacancy rate in Australia according to SQM. Asking rent for the suburb is currently $961 per week.
Inner-Sydney (postcode 2000)
Honourable mention goes to Burwood for appearing twice. The first time is Burwood, Victoria, featuring as number 8 highest vacancy rate. Burwood, New South Wales also features, but ranked lower at 28. The suburb has a vacancy rate of 6.6%.
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Source: SQM Research
